Gulf Navigation to repay loans for some vessels

Media IN Dubai 10th-07-2019

In a meeting held today Wednesday, 10 July 2019, the board of directors of Gulf Navigation Holding, listed on the Dubai Financial Market (DFM), has decided to refinance loans for some of its vessels.

These vessels are Gulf Fantatir, Gulf Jalmuda, Gulf Huwaylat, and Gulf Deffi, the company added in a statement to the DFM.

Gulf Navigation previously reported a 19% year-on-year increase in its operating revenue for the first quarter of 2019, registering AED 45 million

In Q1-2019, the company posted it had turned to losses, incurring AED 11 million, against a profit of AED 5 million in Q1-2018.